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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Why Analysts Are Bullish After Bitcoin Just Rallied to $8,300

Nick Chong
Nick Chong
1 year ago
2 mins read

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Over the past few hours, Bitcoin (BTC) has started to show signs of a bullish trend. As of the time of writing this, the leading cryptocurrency has reached $8,290 — the highest price the BTC has traded at since the local top at $8,450 put in on January the 7th — from the $8,050 daily low put in on Monday.

While this 3% jump is far from a stable uptrend, analysts are convinced that the crypto market’s short-term rally isn’t done yet.

Related Reading: Ripple CEO: These 3 Key Reasons Are Why XRP is Not a Security

More Upside in Bitcoin Possible

Full-time trader Cold Blooded Shiller noted that this latest move has allowed Bitcoin to decisively break out of a pennant chart pattern. This breakout suggests BTC will rally 6% in the coming days towards $8,750 in a best-case scenario.

Classic $BTC. pic.twitter.com/vHbTWWOQPi

— Cold Blooded Shiller (@ColdBloodShill) January 14, 2020

Joe McCann, a prominent cryptocurrency analyst and Cloud and AI specialist at Microsoft, noted in his Telegram channel that the 10-day moving average and 100-day moving average have just seen their first bull crossover since September.

McCann did note that he has some worries about the BitMEX funding rate, which implies too much optimism in the crypto market, but noted that the crossover an a triangle pattern that has formed suggests a move to $8,800 in the coming week.

Related Reading: Key Bitcoin Sell Signal Flashes: Here’s Why Analysts Aren’t Concerned

It isn’t only the short-term outlook for BTC that is looking strong; key indicators on a weekly basis have started to favor bulls.

Crypto Market’s Long-Term Outlook Bullish

Per previous reports from NewsBTC, Murad Mahmudov, CIO of Bitcoin fund Adaptive Capital, recently shared a textbook chart that applies to any financial market which shows what trends in an asset’s volume, open interest, and price mean for assets.

The chart shows that the most optimistic scenario for any market is if the asset’s price, volume, and open interest for its futures market rise in tandem, suggesting “strength,” “bullish” price action, and an overall trend of prices rising.

And what do you know! Bitcoin, over the past few weeks, has seen its price, volume, and open interest increase all at once, showing effectively no signs of weakness

On the technical side of things, the Lucid Stop and Reversal indicator, which tracks entries for Bitcoin and other assets, just printed its first buy signal since March 2019. 

Related Reading: Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu’s Blockchain Beta
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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